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nomy even worse. Since Franklin Roosevelt taking office, a series of expansionary fiscal policies had been put forward to increase the government spending, especially to construct public projects such as building Tennessee water conservancy engineering. Even through, some critics deemed that the vigor of this policy was not strong enough, there is no deny in its active role in increasing economic demand, decreasing unemployment rate and mitigating crisis.

As it points out above, when obsolete regime is no longer suitable to modern economy, it is advisable for policymakers to discard it and establish a new regime that is favorable to modern economic development.

Conclusion

This report puts emphasis on the importance of suitable macroeconomic policies applied in modern economy. As changes take place in our daily life all long, as for the outdated regime which has been used for a long time, all it brings to us are disadvantageous fiscal policies made by policymakers who firmly stick to the regime. Inevitably, great damages are likely to be brought about due to unsuitable macroeconomic policies, such as deflation, increasing income tax to pursue fiscal balance. All these are major causes for depression.
The reason why we arrive at such conclusion is from analyzing the big events once happened in history, European deflation policy, blindly increasing income tax to pursue fiscal balance and adopting deflation policy in America as a result of which lead to the Great Depression from 1929 to 1933.
 

Reference list

Andrew Atkeson and Patrick J. Kehoe (2001),The Federal Reserve Bank of Minneapolis, Deflation and Depression: Is There an Empirical Link?
Beaudreau, Bernard C. (1996),  Mass Production, the Stock Market Crash and the Great Depression. New York, Lincoln, Shanghi: Authors Choice Press.
John Steele Gordon (2007)"10 Moments That Made American Business," American Heritage, 
Robert J. Barro and Vittorio Grilli (1994), European Macroeconomics, chap. 8, p. 142
Wallis, Hohn Joseph (1999),  National Bureau of Economic Research. ‘The Depression of 1839 to 1843’

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